PM Realty Group
910 Travis, Suite 1000
Houston, Texas 77002

AT PM REALTY GROUP:
Jimmy Gunn
Executive VP
Property Services
(713) 209-5800

AT THE FINANCIAL RELATIONS BOARD:
Anne Brownsey
Media Contact
312-640-6765

John Corey
General Information
312-640-6797

FOR IMMEDIATE RELEASE
Jun 8, 1999

PM REALTY GROUP AWARDED PROPERTY MANAGEMENT ASSIGNMENT FOR 499 PARK AVENUE IN NEW YORK CITY

NEW YORK - PM Realty Group today announced that it has been awarded the exclusive property management assignment for 499 Park Avenue in New York City by owner 499 Park Building Associates, LLC.

Steve Hall and Robert Yodice, vice presidents and Roman Mykytiuk, senior property manager, will oversee management of the building.

499 Park Avenue is a 28-story, Class A office building comprised of 266,000 square feet of space and is currently 100 percent occupied. Major tenants include Bloomberg and the Bank of Paris.

Jimmy Gunn, executive vice president of PM Realty Group's Property Services division, said the firm was selected for this assignment based on its successful management track record with 499 Park Building Associates, LLC and its related entity, Sumitomo Life Realty (NY), Inc.

About PM Realty Group

PM Realty Group is a privately-held real estate service organization with more than 1,300 employees and 20 divisional and regional offices. Based in Houston, Texas, the company traces its roots back to 1954. PM Realty Group today conducts business in nearly every state, providing comprehensive real estate services to institutions, investors, corporations, real estate investment trusts, government agencies and healthcare providers.

PM Realty Group offers clients the full spectrum of real estate services, including property and facility management, leasing and marketing, corporate services, investment services, construction management, asset management and development, engineering services, portfolio administration, disposition and acquisition, consulting and due diligence and healthcare services.

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